Mr. Garett Macdonald reports

MARITIME RESOURCES STAKES BLACK RIDGE PROPERTY WITH OUTCROP GRADES OF 8.8 GPT GOLD, 198.6 GPT SILVER AND 10.3% COPPER

Maritime Resources Corp. has staked the Black Ridge volcanic massive sulphide (VMS) target in Newfoundland and Labrador. Black Ridge is located at the southwest corner of the company's landholdings, approximately 15 kilometres from the Hammerdown gold project near the communities of King's Point and Springdale. The property is at an early stage of exploration but hosts several high-grade gold, silver and copper showings in outcrop, float and soil samples.

Highlights:

• Newly staked claims cover 150 hectares of highly prospective VMS ground, bringing Maritime's total exploration tenements to 43,925 hectares;
• High-grade gold, silver and copper from historical sampling in outcrop:
• • 10.0 grams per tonne gold, 219.2 g/t silver and 8.2 per cent copper;
  • 8.8 g/t Au, 198.6 g/t Ag and 10.3 per cent Cu;
  • 13.8 g/t Au, 161.0 g/t Ag and 3.2 per cent Cu;
  • 4.3 g/t Au, 130.1 g/t Ag and 6.8 per cent Cu;
  • 5.0 g/t Au, 69.5 g/t Ag and 2.8 per cent Cu.
• Untested geophysical anomalies -- electromagnetic conductor and property-scale magnetic anomaly;
• Soil anomalies on the property containing up to 0.40 g/t Au and 266 parts per million Cu.

"The Black Ridge property is an important addition to Maritime's landholdings in the Baie Verte mining district. In recent years, our adjacent mineral claims and have been covered by high-resolution geophysical surveys and found to have numerous attractive geophysical targets and several high-grade surface showings," commented Garett Macdonald, president and chief executive officer.

Black Ridge property description

The Black Ridge property is centrally located within the western boundary of Maritime's Gull Ridge project. The claims span the regionally significant Baie Verte Line, a major tectonic suture zone marking the collisional boundary between the Iapetan Ocean and the Laurentian continental margin. The structure is host to numerous gold and base metal deposits and prospects and is central to Maritime's regional exploration focus.

Two styles of mineralization were observed on the project in 2023, with the main showing consisting of thin lenses massive to semi-massive sulphides containing chalcopyrite, pyrite and bornite. Historical sampling of the main Black Ridge showing contained up to 10.1 g/t Au, 219.2 g/t Ag and 10.3 per cent Cu. A second occurrence on the property exhibited a series of thin quartz veins and breccias containing pyrite and galena. Historical sampling of the vein-hosted mineralization returned up to 4.64 g/t Au and 13.7 g/t Ag. To date, the mineralization observed on the property is hosted at or near geological contacts in a bimodal volcanic sequence consisting of rhyolites, tuffs and locally pillowed basalts. The stratigraphy and styles of mineralization observed are consistent with VMS deposits typical to the region such as Auteco Minerals' Green Bay copper-gold project near the town of Baie Verte.

The newly acquired claims (036865M) also host several conductive and magnetic geophysical anomalies that were identified in Maritime's 2021 versatile time-domain electromagnetic (VTEM) and magnetic surveys. The conductive anomaly identified in the airborne VTEM survey was followed up with ground-based electromagnetic surveys and generated a conductive plate anomaly measuring over one kilometre in strike length. The untested conductive anomaly remains open and trends onto the newly acquired Black Ridge claims. The previous owners of the claims completed soil sampling throughout the property and in the vicinity of the conductive anomaly soils returned up to 224 parts per billion Au and 5.92 per cent Pb. All assays are historical in nature and have not been verified by Maritime. Assays are pending from newly selected mineralized outcrops and an exploration program consisting of prospecting, trenching, soil sampling, mapping and ground-based geophysics will be planned for the spring of 2024.

Qualified person

Exploration activities at the Hammerdown gold project are administered on site by the company's exploration manager, Larry Pilgrim, PGeo. In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Mr. Pilgrim is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.

Analytical procedures

All samples assayed and pertaining to this press release were collected and reported by previous owners of the Black Ridge claims and are historical in nature and have not been verified by Maritime. Maritime personnel have visually inspected a selection of mineralized occurrences for which assays are pending.

All historical assays reported were completed by Eastern Analytical Ltd. (EAL), located at Springdale, Nfld. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Samples are delivered in sealed plastic bags to EAL, where they are dried, crushed and pulped. Samples are crushed to approximately 80 per cent passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95 per cent passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams, after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34-element ICP analysis finish. EAL runs a comprehensive quality assurance/quality control program of standards, duplicates and blanks within each sample stream.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing the Hammerdown gold project in the Baie Verte district of Newfoundland and Labrador, a top-tier global mining jurisdiction. Maritime holds a 100-per-cent interest directly and subject to option agreements entitling it to earn 100-per-cent ownership in the Green Bay property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 square kilometres of exploration land, including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit. The company also owns the Lac Pelletier gold project in Rouyn-Noranda, Que.

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